W2 Not Received – What To Do If Your W2 is Not Received
Imagine this scenario: Its tax time and you are getting really anxious to get your tax return out the door and claim that tax refund that is waiting for you. But lo and behold you still havent received your W2 from your employer. You probably have a refund coming to you and without your W2 you can’t start preparing your tax return ?
There... [Read more of this article]
List of Documents For Tax Filing
If you are self preparing your tax return using an online tax preparation service like Turbo Tax or HR Block, or having a tax preparer do your tax return, here is a list of documents that you might have to refer to.
If you are using a CPA or going to a Tax preparation center (storefront), you might have to physically take these documents with you.... [Read more of this article]
Turbotax – Free Tax Tools, Free Tax Returns
Turbotax has a whole arsenal of online tax tools. Each tax tool is suited for a different purpose – just like that knife set sitting in your kitchen, each knife is intended for a specific use. Perhaps, the most important tool is the Tax Refund Estimator, but there are other seldom overlooked tools which are planning tools that you can use throughout... [Read more of this article]
TurboTax – Tax Calculators
2013 will see some major tax changes. This impacts almost everyone. Want to know how these changes will impact you ?
Turbotax comes to the rescue. This year, turbotax is offering some real exciting tools that will help you preview your situation for next year and several years to come. As you probably know, Turbotax has been helping people file... [Read more of this article]
How Long Should You Save Tax Documents
The IRS has defined the period of Limitations for Tax Returns. Here is what they say (on their website).
IF you… THEN the
Owe additional tax and (2), (3), and (4) do not apply to you THEN Save it for 3 years
Do not report income that you should and it is more than 25% of the gross income shown on your return THEN... [Read more of this article]
California State Tax Filing for FREE
Free California State Filing
The Franchise Tax Board (FTB), California’s tax authority has introduced FREE Tax filing on its website. For people who are looking to file their tax returns for free your wait is over. Branded as ‘CalFile’, the new tax filing site is part of the FTB site.
You can get to it CalFile here : CA Free Tax... [Read more of this article]
Taxes For The Self Employed
Watch this Video on how to get started with preparing your tax return if you are self employed. Do not believe people who say that preparing a self employed tax return is rocket science. All it takes is a couple of additional forms and supporting documentation
Click here to learn more about Taxes For Self Employed
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Tax Exempt Organizations – Make Your Charitable Contribution Count
Making a charitable contribution gets you a tax deduction besides helping out the needy. Contributions can be cash or kind. But before you take a deduction for the tax contribution, make sure that the charitable orgainizaiton is recognized and is in compliance.
How to verify your favorite Charity ?
Thankfully the IRS has a wonderful tool on its website... [Read more of this article]
CA State Tax Forms for 2011
The CA FTB has listed these forms for 2011 on their website
540 2EZ Form
California Resident Income Tax Return (Fill-in)
540 2EZ Form (Math)
California Resident Income Tax Return (Fill-in with math features & save)
California Resident Income Tax Return (Fill-in & Save)
California Resident Income Tax Return (Fill-in... [Read more of this article]
Most Underused Tax Deductions
Did you know that most people do not use the deductions that they are eligible for. Neglecting to take your deductions on your tax return is like leaving money on the table, or a better analogy would be – leaving 100 dollar bills in your trouser pockets and then putting it into a washer. No one else but you will loose!
Not a pretty tax scenario... [Read more of this article]
Claiming a Child as a Dependent on Your Tax Return
This is a question that gets asked many a time. Who can I claim as a dependent on my tax return ? A child qualifies as a dependent but not always. To claim the child as a dependent, you have to make sure that the child passes the dependency tests.
There are 5 test that will qualify a child as a dependent :
Relationship Test– The child you are claiming... [Read more of this article]
Deadline for Filing 2011 Tax Return is April 17th 2012
Because April 15th 2011 falls on a Sunday and because Monday April 16th is a holiday for a few.
The deadline for filing your 2011 tax return is April 17th 2012. Yes that’s right Tax day is April 17th for 2012. You have 2 extra days !!
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Tax Refund Calculator – Calculate Your Tax Refund before Filing
Calculating Your Tax Refund
Once you get your W2 from your employer. Like most people you are probably eager to get a quick estimate of the Tax Refund. It would take several hours to calculate your tax refund if you were to do it with pen and paper.
However for a quick preview you can use a Tax Refund Calculator to figure out whether you are going... [Read more of this article]
Last day to File Taxes for 2011 – April 18th 2011
Last day to file taxes for Tax year 2011 is April 17th 2012. You get two extra days this year !
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How To Find Your 2010 AGI
If you are exiling your tax return, you will need to complete certain steps to verify your identity with the IRS. There are several bits of information about you that is needed to uniquely identify you. One of them is to get a hold of your 2010 AGI.
IRS also has a PIN feature, which once established can be used every year. But if you are doing e-filing... [Read more of this article]
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